Western Union Foundation Celebrates Driving $150 Million in Wage Gains in 2023 Impact Report

Rhea-AI Summary

The Western Union Foundation's 2023 Impact Report reveals that it facilitated over $150 million in wage gains, created nearly 4,000 new jobs, and improved economic opportunities for over 11,000 individuals. This marks the first year of their three-year 'Prosperity Beyond Borders' initiative aimed at achieving $500 million in cumulative wage gains. Key stories include Arian, a cancer research student, Catherine, a fellow empowering refugee women, and Enrique, an aspiring developer. The Foundation’s efforts are supported by Western Union's employees and partners, who donated to over 800 organizations and volunteered more than 15,700 hours in 2023.

Positive

• Achieved $150 million in wage gains in 2023.
• Created nearly 4,000 new jobs.
• Benefited over 11,000 people through economic opportunities.
• First year of 'Prosperity Beyond Borders' aims for $500 million in wage gains.
• Supported by Western Union employees who donated to 800+ organizations.
• Volunteered over 15,700 hours in 2023.

Negative

• No specific financial data or stock performance impact provided.

DENVER--(BUSINESS WIRE)-- The Western Union Foundation announced that it drove more than $150 million (USD) in wage gains, helped create nearly 4,000 new jobs, and served as a catalyst for economic opportunity for more than 11,000 people in its 2023 Impact Report.

The Western Union Foundation’s latest Impact Report highlights key programs, nonprofit partners, and beneficiary stories that were part of the first year of the organization’s 3-year Prosperity Beyond Borders commitment – a social impact initiative to drive $500 million in aggregate wage gains for people who currently lack access to economic mobility.

Through Prosperity Beyond Borders, the Western Union Foundation focuses on workforce readiness, jobs creation, and ecosystem improvements for people who migrate in pursuit of a more prosperous future. Stories featured in the report include:

• Arian, an international student originally from Iran who is aspiring to save lives through cancer research and who credits his Western Union scholarships as helping him afford to graduate.
• Catherine, Western Union Foundation Fellow and co-founder of the Safe Girl Initiative who empowers refugee women in Uganda through menstruation education and resources.
• Enrique, an aspiring full-stack developer who had limited opportunities to learn the skills needed for this field until he migrated to Colombia and was connected to coding bootcamps.

“We’re proud of the impact we achieved in the first year of Prosperity Beyond Borders,” said Lauren Bell, Executive Director of the Western Union Foundation. “From scholarships and fellowships to digital skill building and entrepreneurship – our investments in people and programs are creating long-term impact for participants both today, as well as for future generations.”

The Western Union Foundation’s impact is a testament to the generosity and support of Western Union, its employees, and its corporate partners. In 2023 alone, Western Union employees donated to more than 800 different organizations and volunteered over 15,700 hours.

“At the core of Western Union, we strive to help people and communities around the world prosper and the Western Union Foundation’s mission and impact are a shining example of our purpose in action,” said Ben Adams, Chief Legal Officer of Western Union and Board Chair of the Western Union Foundation.

Learn about the programs that helped make a difference and hear from some of the 11,000 people who connected to economic opportunities through Prosperity Beyond Borders by reading the Western Union Foundation’s full Impact Report.

About the Western Union Foundation

The Western Union Foundation’s mission is to be a catalyst for economic opportunity for people who migrate in pursuit of a more prosperous future. With more than two decades of impact, the Foundation continues to deliver on their mission with Prosperity Beyond Borders, a multi-year commitment to drive $500 million in aggregate wage gains for disadvantaged, high-potential people who lack access to economic mobility. The Western Union Foundation is a separate, tax-exempt 501(c)(3) charitable corporation and receives support from The Western Union Company, its employees, agents, customers, and business partners.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and nearly 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240530856869/en/

Western Union Foundation:

Robyn Burns, robyn.burns@wu.com

Western Union:

Bradley Jones, bradley.jones@wu.com

Source: The Western Union Company

FAQ

What wage gains did Western Union Foundation achieve in 2023?

The Western Union Foundation facilitated over $150 million in wage gains in 2023.

How many new jobs did the Western Union Foundation create in 2023?

The Western Union Foundation created nearly 4,000 new jobs in 2023.

How many people benefited from the Western Union Foundation’s efforts in 2023?

Over 11,000 people benefited from the Western Union Foundation’s efforts in 2023.

What is the goal of the 'Prosperity Beyond Borders' initiative by Western Union Foundation?

The goal of 'Prosperity Beyond Borders' is to achieve $500 million in cumulative wage gains over three years.

How did Western Union employees support the Foundation in 2023?

Western Union employees donated to over 800 organizations and volunteered more than 15,700 hours in 2023.